States Modernizing their Energy Systems will Reap Economic Gains

Key Takeways:

  • States modernizing their energy systems will have lower costs & be more competitive
  • Talent in today’s service economy is flocking to the renewables sector
  • With reduced solar & storage costs, state economics favor broad investments

States modernizing their energy systems and adopting robust renewable energy policies are laying a foundation for a strong economic future competing in a low-carbon economy. Contrast this with states which are slow to adopt the kinds of policy and infrastructure changes necessary to adapt to a decarbonized economy.

At the heart of the difference is the way some regions have recognized and embraced the competitive renewable energy economy, while others continue to resist it. Lobbyists using well-worn tactics – such as equating clean energy policies with burdensome regulations and high costs – have found their messaging no longer resembles reality, and economic headwinds are turning against these ideas.

Another component factor is the services economy: this economy rewards fresh design, new technology, and creativity – thereby attracting some of today’s greatest talent. Talented people, the article notes, care about the future and the planet they’re leaving behind them; likewise, this demographic understands that saving people energy and money is a good thing. All the while, states which rely heavily on legacy fossil fuel energy generation systems are seeing increased costs – both monetarily and on the environment.  Which is why state economies that rewire their energy and electricity systems to lower both emissions and costs are looking at a bright economic future.  Not  only will states that make a shift to renewables retain top tier talent in the new services economy, they will ensure a reduced cost on their fuel input.

Consider the evidence. With solar capture and storage technology becoming more efficient and advanced (and its costs are decreasing), alongside microgrid expansion further lowering consumer costs, renewable energy is becoming more abundant and reliable as the days go by. For these reasons, states investing today in this new energy infrastructure will save on costs in the future and reap greater economic (and ecological) advantages for decades to come.

 

What We’re Reading:  “The Competitive Benefits of a Modern Energy System,” published on State of the Planet